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Category Archives: General
Why 2013 may be the year to make that car or boat purchase you’ve been thinking about
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. The American Taxpayer Relief Act of 2012 has extended this break — … Continue reading
Posted in General, Tax
Tagged MCM, Mountjoy Chilton Medley, sales tax, Tax deduction
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The revived research credit can still reduce your 2012 tax bill
For many years, the research credit (also commonly referred to as the “research and development” or “research and experimentation” credit) has provided an incentive for businesses to increase their investments in research. But the credit expired at the end of … Continue reading
Posted in General, Manufacturing, Tax
Tagged American Taxpayer Relief Act, R&D Credit, Research Credit, Taxes
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Making the most of 2012 education credits
The American Opportunity credit (up to $2,500 per year per student for qualifying expenses for the first four years of postsecondary education) and the Lifetime Learning credit (up to $2,000 per tax return for postsecondary education expenses beyond the first … Continue reading
IRS makes deducting home office expenses easier
On Jan. 15, the IRS announced a new simplified home office deduction, which is available beginning with 2013 income tax returns (not the 2012 returns generally due April 15, 2013). Normally, if your home office qualifies, you can deduct a … Continue reading
Why businesses should consider purchasing vehicles before year end
Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, and business-related purchases of new vehicles may be eligible for bonus depreciation. But Sec. 179 expensing limits are scheduled to go down in 2013, and bonus … Continue reading
Posted in General, Tax
Tagged bonus depreciation, Mountjoy Chilton Medley, Taxes, vehicle depreciation, Vehicle Expense
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Use it or lose it: The 2012 gift tax annual exclusion
The 2012 gift tax annual exclusion allows you to give up to $13,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $26,000 per recipient. … Continue reading
Posted in General, Tax
Tagged 2012 Gift Tax Annual Exclusion, Gift Tax, Mountjoy Chilton Medley, Tax planning
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2012 Ky Tax Update: Tax Reform Possible
2012 Kentucky General Assembly The Kentucky General Assembly concluded its 2012 regular session in April. The 2012 session was a long one (60 days) and most of the legislators’ energy was spent on redistricting and the state’s budget for the … Continue reading
Posted in General, Tax
Tagged Kentucky General Assembly, Kentucky Taxes, Mountjoy Chilton Medley, Tax Reform
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Avoiding Email Fraud
Last week we had an interesting chain of events involving a client, e-mail compromise and potential loss of funds, none took place but possibility was there. The scenario that took place played out as follows: A tax partner for a … Continue reading
Tax Proposals from the President’s 2013 Federal Budget
President Obama submitted a fiscal 2013 federal budget to Congress on February 13, 2012. On the revenue side, the President’s proposals blend several familiar ideas along with a number of new initiatives. If enacted by Congress, these proposals would impact … Continue reading
The President’s Deficit Reduction Proposal
President Obama recently unveiled his “Living Within Our Means and Investing in the Future: The President’s Plan for Economic Growth and Deficit Reduction” proposal, which combines spending cuts with revenue raisers. There are a number of significant tax provisions in this … Continue reading
